The main currency pair is trading upwards on Friday, keeping the momentum that started yesterday.
On Friday afternoon, EURUSD is growing based the European Commission’s decisions on the migrant policy. The current quote for the instrument is 1.1630.
The EU Economic Summit started yesterday and will last for two days. News from the summit is probably the most crucial thing for investors right now. As a rule, no serious decisions are made during this event, but not this time.
At the end of June, politicians, who represent European countries, finally went into the migrant policy issue, which has been a serious problem for the Euro Area due to a great number of migrants. Things reached a crisis point long time ago, but only now politicians decided to go into the question, because the situation got out of hand. Italian representatives “fought the decision to the last drop of blood”, but eventually agreed to approve and sign it.
As a result, European countries will have help each other. They will still accept migrants and create special distribution centers, where migrant will stay until the decision of their further residence is made. By the way, Italy insisted that all migrants were equally distributed among all European countries, but others disagreed. However, it is believed that such decision will be made later, because it’s very complicated.
One way or another, yesterday’s agreement won’t solve the problem immediately, but it’s a good start for sure.